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Consider economic theory:
a. Briefly explain how a map is a model.
b. Given an example of how a particular model can be appropriate in one context and inappropriate in another.
c. Identify the two attributes of a "good" economic model, and briefly explain the fundamental tradeoff between them.
If a monopolist is producing a level of output at which demand is inelastic, the firm is not maximizing profits, and increasing output will decrease total revenue.
Assume that there is a simultaneous increase in household income and in the opportunity cost (the price) of rearing children relative to other goods. Assume that children are considered normal goods, like most commodities, and the number of desired s..
Suppose that the production of $1 million worth of steel in Mexico requires $100,000 worth of taconite. Mexico's nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Given this information, calculate th..
As the costs of health care delivery in the United States continue to soar, it has become necessary to 'benchmark' with other countries abroad on how they deliver health care to their citizens in Canada and France.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1.00 per poster. She has fixed costs of $100.00. Her variable costs are $1,500 for the first thousand posters, $1,200 fo..
Using the sameproduct example above, analyzing how the risk tolerance factors play in supplying the good or service and how this should influence management's decisions.
q.the bolt-making industry currently consists of 20 producers all of whom operate with the identical short-run total
In the 1980s the increased unemployment to reduce inflation. This eventually would cause a decrease in the price level lowering money demand, raising the interest rate which increases investment which increases the aggregate quantity of goods & servi..
A machine has a current salvage value of $10,000, which will drop by $2,000 per year. The maintain costs will be $1,250 per year. What is the marginal cost to extend the service for 1 year, at 8%?
Extraction of a resource takes place in just two periods, current and future. Current-period marginal costs and marginal benefits behave according to MCC(q) = 15 + q0 and MCB(q)=65−q0. Find the optimal level of current resource extraction, q0. Sketch..
As an economist working at the International Monetary Fund, you are given the following data for South Africa: predicted per capita GDP, relative to the United States, as given by y=k^1/3, is 0.55, and total factor productivity is 0.33. What is the o..
In the 1980s, there were far fewer apple varieties than there are available today. In the early 1990s, researchers at the University of Minnesota patented the seeds for the now-popular Honeycrisp apple variety they bred. As that patent nears expirati..
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